DXP Enterprises Inc. (NASDAQ: DXPE), Houston, TX, and ITT Goulds Pumps, Seneca Falls, NY, have terminated their distributor agreements. ITT Goulds notified DXP in September of the immediate termination, and DXP accepted in late October.
“DXP decided to accept Goulds’ immediate termination," said DXP CEO David Little. "Goulds’ non-compete requirements … did not allow DXP to service all our existing customers. Despite Goulds’ persistence to cancel DXP after 30-plus years of building customer trust and relationships, it became necessary to accept Goulds’ desire for immediate termination."
The companies' distributor agreements stem from DXP’s acquisition of businesses such as RA Mueller, Quadna, Austin & Denholm, Alaska Pump & Supply and SEPCO, according to DXP.